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The majority of trading gurus say that the EXIT is more important than the entry.

I DISAGREE!

I focus on finding entries that STATISTICALLY give me a better than 50/50 chance of having an opportunity to take profit. Notice how I worded that last sentence. It was written that way on purpose.

I get asked about SL and TP all the time. Some people get downright nasty and harshly criticize me because I don't conform to what they believe to be proper. To me, SL and TP are part of the individual trader's money management and risk management strategies and have NOTHING to do with my entry triggers.

It does not matter why you entered a trade once you are in it. Nor does it matter what your indicators say. PRICE is the ONLY thing that matters once you enter a trade. And after you enter a trade is when your money management scheme kicks in. You will either exit the trade with a profit or a loss. How much of a profit is determined by the market and your greed. How much of a loss is determined by you. It is up to the individual trader to decide when to say "when".

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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I think the reason that most people disagree with you is that they have been taught to think of the entry and trade management as the same thing. They aren't.

People who criticise your methods tend to hang out in obviously go nowhere or obvious losing trades. Why would they do that? Do they like losing so much?

To me good entries mean immediate profits. A bad entry means I have to wait to profit. The irony of course, is that I don't really like your entry above I would have had to wait through a red bar! Most likely I would have scratched or -2'd this trade.

So where would my entry be on this chart? Easy at 11:55 we had solidly bounced off of the last resistance (shown as a 2 on your chart) at 11:40. This was based on the fact that we have had higher highs and higher lows (JJRVAT principles). This trade was immediately good for 6 or more pips depending on how long you ride it and never approached any negative excursion.

Just my 2 cents.

Edward

Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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I think the reason most people disagree is because I am presenting something that is DIFFERENT from what they know.

I can create an alias and post a Moving Average, MACD, RSI and/or Stochastic crossover based system and I would NOT be flamed. People would ask polite questions. They would try to LEARN the system. Why? Because it LOOKS FAMILIAR. It fits in their trading comfort zone.

I could even talk about CANDLESTICK PATTERNS and I would not be met with RESISTANCE.

If I go on and on about risk management, money management and stop losses, people would applaud.

Funny thing is people have been doing that for years yet over 90% of traders fail.

But let someone who presents something DIFFERENT or presents it in a DIFFERENT way come along and they'll be ridiculed. KILL THE MESSENGER!!

It's sad that MP tried to warn the Kantor Kool Aid Drinkers that the system was flawed. They didn't heed his warning and got wiped out! If you were NOT speaking the KANTOR GOSPEL you were BANISHED.

I kid people about SQUIGGLYS all the time. But that's just in fun. What I say doesn't matter. All that matters is whether or not you're taking money from the markets. IT'S THAT SIMPLE!!

Not to mention, there is always those who want to prove that my methods don't work. To me, if you can't look at a H1 chart and SEE how PRICE cuts across those HORIZONTAL LINES plotted at the PSYCHOLOGICAL LEVELS of price ending in 00, 25, 50 and 74, then you are BLIND. Yet, they write EAs to prove that is doesn't work. But they have the EAs running 24 hours a day. Even I take at least 4 hours to get some sleep!! None of my methods BACKTEST. But that does NOT mean one can't make money trading them.

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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eudamonia wrote:To me good entries mean immediate profits. A bad entry means I have to wait to profit. The irony of course, is that I don't really like your entry above I would have had to wait through a red bar! Most likely I would have scratched or -2'd this trade.

Edward

Avery, eudamonia's comment (in the quote box) illustrates one of my biggest roadblocks. I would have taken the same entry as you (having been trained BY YOU ) -- but how do you know when you should ride out that red bar like you did or take a loss like ed would've done?

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I knew you'd say that, so let me rephrase ...
Was there anything one could SEE in that red candle that would have said "hey, hang on, you were just a bit early, that's all", versus "whoa, might be good to get out now with -2"?